QB Winery Solutions

Office Hours 01-29-19

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Here is the recording for the January Office Hours. The topics discussed were:

  1. Items for Hourly consulting and contract payments
  2. CPA referral
  3. Inventory adjustment
  4. Creating new inventory and duplicating an item
  5. Using cases in everything – intuit will track 3 decimal pts
  6. Backing up- talking about condensing a file – damage file
  7. Revel (POS) tracks in multiple location – QB’s only one location

These are the links to places we discussed:

Intuitive Accountant

(re) Introducing The Wine DTC Vendor Matrix

Silver Club members, please log in to view the recording.

2019 Silicon Valley Bank State of the Wine Industry Report

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Last Wednesday Rob McMillan from Silicon Valley Bank hosted a webcast to discuss the annual wine industry report that he and his team put together. The report is a good read, really. I recommend that you at least read the Executive Summary.

Rob has valuable insights for the wine industry, however many of his comments are aimed at the larger wineries because the small wineries do not bank at Silicon Valley Bank. Right at this moment I have to climb down off the ledge due to a few comments made by the panel during the webcast that, if taken out of context, the team at a small winery might take the wrong way. I will make some comments, but first I I am going to digest the report.

They will be doing a follow-up webcast on January 23rd. Check out Rob’s blog for information on how to join that webcast Rob’s Blog

Have a look for yourself:

2019 SVB Webcast Replay

2019 SVB Annual Wine Industry Report

 

Cheers!

Jeanette

Entering Balances into a New QuickBooks File

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Starting a new QuickBooks file is pretty straightforward if your business is new. Unfortunately, most people have an existing company and then decide to move to QuickBooks. It is also pretty straightforward to create a Journal Entry to enter the beginning balances of each of the accounts. But, again, most people have transactions and other data like uncleared checks, open invoices, and unpaid bills that also need to be entered. I have seen lots of creative (and messy) ways to enter these.

Turns out, the steps are not that difficult. At least it’s not something that an evening with some good music (and a glass of wine) can’t fix. The key is…do not follow Intuit’s instructions, because they actually make a bigger mess.

In this video (must be a Silver Club member to view) will walk you through the steps. If you would like assistance, come to Office Hours or use this link to set up a coaching session https://qbws.as.me/JT-Consult 

DOWNLOADS

Proc – Entering balances in a new QB file

 

Office Hours 12-18-18

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Here is the recording for office hours. The topics that came up were:

  1. Year-end Quickbooks
  2. Costing Class Quick Rundown
  3. Juice Flow & Blending Math
  4. Custom Cash
  5. Journal Entry & AR List
  6. Write-off a customer + Credit Memo
  7. Expense vs Cost of Wine
  8. G&A Costs + GAAP
  9. Bottling

These are the links to places we discussed:
Juice Flow & Blending Math
Quickies
Bottle Runs

Silver Club members, please log in to view the recording

Selling Used Wine Barrels

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This time of the year many of you are selling wine barrels to make room for new barrels. So what is the best way to handle this?

First, make an Other Charge type item and point it to a Misc Income account:

On your invoice, fill in the number of barrels and the cost per barrel. For the description, enter enough detail so that the barrels can be identified on the depreciation schedule. For example, “3-year-old barrels” or “2016 barrels”:

Here’s where things get tricky: if the barrels are sold to a winery they are not taxable because they are “ingredients” and are part of the thing they are selling. Or if they are sold to a woodworker who is fashioning it into something awesome so that the barrels are eventually sold (albeit in a different form), they are not taxable. In both these cases, your buyer has a resale number which you should collect for your records. (You are collecting these forms from all of your distributor and wholesale customers, right?)

However, if the barrels are sold to an individual to be used as a planter or something for themselves then it is taxable and needs to be counted as taxable sales on your sales tax return. It’s fine to sell the barrel as “tax included”. Just remember to not include the sale in your “sale to reseller” amount on your sales tax return.

Another detail is that the barrels need to be removed from the depreciation schedule. So be sure to let your CFO (or whoever calculates your costing) before the year-end is closed so that the right amount of depreciation is included in the costing. And, of course, let your tax preparer know so that the depreciation on the tax return is correct.

Coming Soon: How to pull the list of new fixed assets so you (or your tax preparer or CFO) can update the depreciation schedule.

Office Hours 11-27-18

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Here is the recording for Office Hours. The topics that came up were:
1. The Push-in versus Summary method
2. Entering grapes
3. Selling grapes

These are the links to places we discussed
Grapes, Grapes, Grapes course
Creating inventory items
Bottle Runs
Baystate Transaction Pro

Silver Club members, please log in to view the recording

Website Updates

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While you have been busy pressing and punching down the grapes, we have been busy pressing the keyboard and punching down code (trust me, you had more fun), and we rearranged things on the website. Some key changes are:

  • Go directly to all the courses from the Courses tab in the top menu
  • The webinars are now mini-courses and are listed under the Advanced courses
  • Access our all-new My Favs page under the Account tab for all of the courses you have favorited
  • Find the Blog/Quickies link in the footer

Most importantly …. drum roll …. we are launching Office Hours, the last Tuesday of the month at 10:30 am Pacific.

Here is a video to show you around…

Cheers!

Jeanette

Courses for Winery Owners

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Recommended Courses for Winery Owners

Are You a Garagist?

Did your home winemaking hobby grow into something bigger? Our ‘Garagist Program’ will show you an easy, computer-free (that means no QuickBooks) method of tracking your income and costs. CLICK HERE

Discover Quickbooks for Wineries

Are you frustrated trying to understand how to use QuickBooks for your winery? The Discover QuickBooks for Wineries webinar gives an overview of the Fundamental Five, the 5 critical procedures that boutique wineries must have in place for an effective financial management system. CLICK HERE

Financial Strategies and Planning

Do you want to get your financial data under control? The ‘Strategies and Planning’ course will show you how to read and interpret all key financial reports (so you can impress your banker!). CLICK HERE

Winery Owners wear so MANY hats and we don’t assume to know exactly what hat you’re wearing at the moment, so here are other courses we recommend to the Owner that also may be the Bookkeeper and more:

The Basic Steps for Wineries

Want to discover a proven five-step system for running a boutique winery using QuickBooks? Our Discover QuickBooks mini-course shows you what a properly set-up QuickBooks file for a boutique winery looks like and see some common mistakes you should avoid.  CLICK HERE

How to Calculate Wine Costs

Trying to figure out the true cost of your wine, but scratching your head? Silver Club members can check out our ‘Using QuickBooks in the Wine Industry’ to see where the costs show up and our course ‘How to Calculate the True Cost of your Wine’ courses will show you the steps (best for excel nerds). Click Here

Maintaining a Healthy Cash Flow

In our flagship course ‘Using QuickBooks in the Wine Industry’ you will find an entire module devoted to The Cash Flow Quickie. These lessons will make a world of difference. This course is available exclusively to our Silver Club members CLICK HERE

For a Complete List of ALL our Courses, CLICK below:

OUR COURSES

Courses for Office Managers

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Office Managers & Bookkeepers

Office managers at boutique wineries have it easy, right? Not so much. Sure the work is interesting and no two days are ever the same.

But, there are all sorts of processes that you probably didn’t sign up for. Winery bookkeeping and accounting are confusing and complex. But, we are here to help.

Recommended Courses for Winery Office Managers

New to QuickBooks?

Familiarize yourself with QuickBooks without getting lost. Understand the basics with our free ‘QuickBooks 101’ course.  GET STARTED

QuickBooks Basics for Wineries

The Discover QuickBooks for Wineries Webinar shows you what a correct file set up looks like. CLICK HERE

The Next Steps for Boutique Wineries

Know your way around QuickBooks but want to build on those skills? Scroll through all the lessons in the ‘Using QuickBooks in the Wine Industry’ course, pick a starting point, join the Silver Club, and dive in. CLICK HERE

No Accounting Experience?

Creating a QuickBooks file for a winery or trying to find out more about the basics? Visit ‘The Workshop’ version of our flagship ‘Using QuickBooks in the Wine Industry’ course, specifically designed for people with no accounting experience CLICK HERE

Want a Coach?

Looking for some personal attention while getting started? Upgrade your membership to ‘The Pro Workshop’ to and get matched with a coach and more. CLICK HERE

Calculating Wine Costs

Trying to figure out the true cost of your wine, but scratching your head? Check out the ‘Using QuickBooks in the Wine Industry’ and ‘How to Calculate the True Cost of your Wine’ courses. These are available exclusively to our Silver Club members CLICK HERE

Individual Consultation

Want to talk to the QB Wine Guru? Complete any version of our foundation course ‘Using QuickBooks in the Wine Industry’ first, then contact us for details. CLICK HERE

For a Complete List of ALL our Courses, CLICK below:

OUR COURSES

Courses for Accounting Pros

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Accounting Professionals

With different business goals and financial practices, even accounting pros can need a little extra help when it comes to boutique wineries.

Figure out how best to support and advise clients in the wine industry by tapping into my experienced perspective through my specially adapted courses.

Recommended Courses for Accounting Pros

Support for your clients

Looking for an accessible yet informative QuickBooks class to recommend to clients? Help them master the basics with my free ‘QuickBooks 101’. Then, they’ll be all set to learn The Fundamental Five, or take my ‘How to Use QuickBooks in the Wine Industry’ course to get a handle on basic accounting processes. CLICK HERE

Messy File?

Want to see what a clean, well-organized file looks like? Through my ‘Discover QuickBooks for the Wine Industry’ course, you’ll:

  • Learn about the signs of an ineffective file
  • Find out about fatal costing mistakes
  • See the QuickBooks Fundamental Five in action. CLICK HERE

The Costing Book

Want to really get to grips with how to set out your costing book? My engaging live seminars and ‘How to Calculate the True Cost of Your Wine’ classes (available to Silver Club members) will tell you how to set it up, the details you’ll need, and the issues to watch out for. CLICK HERE

Book to Tax Difference

Trying to figure out the difference between tax costing and true (GAAP) costing?
The Book to Tax Adjustment mini-course – created in conjunction with a wine industry specialist CPA – will provide you with a seriously efficient way of calculating Book-Tax Differences. CLICK HERE

For A Complete List of ALL our Courses, CLICK the Link Below:

Our Courses

The Crush

Your first step to running a profitable winery and crushing your business goals.